Funeral Services Group (FSG), the listed funeral services company, said it will continue to invest in modernisng its infrastructure and fleet in a bid to maintain its leading position in delivering world class services in the industry.
When announcing the half year results for the period ended June 30 2013, the company headed by Milivoje Nikolic ÔÇö Group Managing Director, said operations continued to be expanded in Botswana and ZambiaÔÇöits two key markets.
“During this period, the newly established Kasane branch was reconfigured and refurbished to FSG standards and it was officially opened in July 2013,” the company said in a statement accompanying the results.
“This accords the Group further penetration in the Northern region. Construction of a brand new branch in Palapye is in progress and it is expected to be fully operational by end of 2013”.
FSG opened a new branch in Ndola, Zambia in January 2013 and the company said progress is being made towards establishing a new branch in Kitwe in the first quarter of 2014.
“The Group is positioning itself to become a significant market player in Zambia over the next few years. The directors are confident that the growth in the Group will continue in the second half of the year.”
FSG has been a subject of a takeover from Botswana Insurance Holdings Company, the listed financial services company. BIHL has 29 percent exposure in FSG.
BIHL Chief Executive Officer, Gaffar Hassam has said they still belief in the company which distributes the group’s products despite botched acquisition overtures.
“We indicated to make an offer,” Hassam said, adding that other shareholders were interested in selling while others were holding on to the company.
FSG’s revenues increased by 14 percent from P45.6 million to P52.1 million while profit for the period stood at P11.6 million from P9 million in the prior year. Income from insurance package scheme increased by 16 percent to P16.7 million.
A gross dividend of 5 (five) thebe per share payable on 25 October 2013 has been declared.